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SBI to launch up to $2.3 bn share sale this week, say sources

Reuters / Mumbai 12 Jun 17 | 05:53 AM

Top Indian lender State Bank of India will launch a planned share sale of as much as $2.3 billion as early as this week to raise funds from institutional investors, several sources familiar with the plans said on Monday.

It was not immediately known how much the lender would raise from the so-called qualified institutional placement (QIP) of shares. In March, the bank received board approval to raise up to 150 billion rupees ($2.33 billion) from capital markets during the current fiscal year that began in April.

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"It is anytime now," said one of the sources, when asked about the timing of the QIP.

A spokesman for SBI did not immediately respond to a request for comment.

SBI Chairman Arundhati Bhattacharya told Reuters on Friday the bank expected to complete the sale by the end of 2017.

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